What else is there to Consider other than Price?

By
Real Estate Agent with Keller Williams Greater Omaha

What else is there to Consider other than Price?

When negotiating the sale of a home, sellers often focus solely on the price that they get. However, there are other factors to consider that will affect the net amount a seller will actually clear from the sale.

The first consideration is the closing date. Sellers with mortgages on their homes might want an early closing date. The savings in avoiding additional mortgage payments, real estate taxes, insurance, and utilities can be significant.

Another to consider is the costs being paid by the seller for the buyer. These can include closing costs, prepaid and prorated taxes and insurance, escrow funds, appraisal and inspection fees, and homeowner association dues, just to name a few. For an average priced home in Omaha these usually total between three thousand to five thousand dollars.

A third factor that affects how much a seller will net is the cost of repairs from any inspections performed. It is very rare that a home inspection is done and issues are not found. The expense of repairing these issues cuts into a seller's bottom line. A radon test introduces the potential for the expense of radon mitigation. In my experience about half of all radon tests performed in Omaha come back with results higher than the EPA safe limit and as a result need mitigation. The cost of mitigation nearly always falls between $700 to $800.

Come back next month to read about an issue that is at least as important as price and that is risk.

 

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Topic:
Home Selling
Location:
Nebraska Douglas County Omaha
Groups:
Omaha Real Estate
Nebraska Real Estate
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Rainmaker
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Rhonda Hollifield, REALTOR®
Keller Williams Realty Mountain Partners - Hendersonville, NC
Broker REALTOR CRS, GRI, ABR

Interesting that you also have radon in Nebraska.  In Western North Carolina it is very common, because of the mountains.  The average radon system cost here is from $1,250 to $1,500.  All good points you make; also factoring in the sellers situation for where they are going.

Jul 21, 2012 06:05 AM #1
Rainmaker
542,690
Rob D. Shepherd
Coldwell Banker Coast - Florence, OR
Principal Broker ABR, GRI

Sellers are so focused on price that they tend to overlook the weasel  contengencie clauses.

Jul 21, 2012 06:09 AM #2
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Rainmaker
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The Trumm Team Omaha Homes for Sale, Real Estate

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